Customers of Irish health insurer facing fourth hike in charges in 18 months

Health insurance plans are set to increase for thousands of customers in Ireland following an announcement of price hikes by insurer, Irish Life. 

It is believed to be the fourth increase in 18 months by the insurer, which will kick in at the start of July. Premium rates will go up by an average of 5.3pc.

This follows recent announcements of price increases by VHI Health and Laya Healthcare, with some benefits also being cut by VHI.

The Health Insurance Authority (HIA) has confirmed that it has received notice of Irish Life Health’s decision to increase prices across a number of their health insurance plans. These changes will come into effect from 1 July 2024.

"While we are aware that these price increases may have an impact on some consumers, the health insurance market in Ireland is an open market, and insurance providers can make price changes as they see fit. These prices are ultimately based on the cost of the claims that the insurers receive," a HIA spokesperson said. 

There have been a number of health insurance price increases across the market in the past 12 months which is attributed to medical inflation and an increase in claims.

"According to our latest Annual Market Report, the total level of claims paid by insurers in 2023 rose by 15% on the previous year, and there was a slight increase in claims for private hospitals," the spokesperson said.

"The HIA is available to assist with information in relation to policies, price increases and other questions in relation to private health insurance. Our helpline is open, and our consumer advisers are available to provide information and to help consumers find a health insurance plan that fits their budget. We always encourage all consumers to review their health insurance plan each year at their renewal to make sure that they are on a plan that fits their lifestyle and current health needs," they added.

Consumers can use the free comparison tool on our website www.hia.ie to compare plans, or contact us by email (info@hia.ie) or phone (01 406 0080).